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REGISTERED NUMBER: 02481862 (England and Wales)










Financial Statements

for the Year Ended 31 December 2023

for

Transicon Ltd

Transicon Ltd (Registered number: 02481862)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Transicon Ltd

Company Information
for the Year Ended 31 December 2023







Directors: Mr. F P Blake
Mr. A Peters
Mr. G J Palmer
Mr. I Turpin
Mr. R S Cotsford
Mrs J Hughes





Secretary: Mr. F P Blake





Registered office: Unit 1D
Queensway Bus Park
Hadley Park West
Telford
TF1 6AL





Registered number: 02481862 (England and Wales)





Accountants: Hughes & Co.
The Stables
Broseley Hall
Church Street
Broseley
Shropshire
TF12 5DG

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Transicon Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Transicon Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Transicon Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Transicon Ltd and state those matters that we have agreed to state to the Board of Directors of Transicon Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Transicon Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Transicon Ltd. You consider that Transicon Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Transicon Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hughes & Co.
The Stables
Broseley Hall
Church Street
Broseley
Shropshire
TF12 5DG


28 February 2024

Transicon Ltd (Registered number: 02481862)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 10,903 16,356
Tangible assets 5 1,200,569 1,215,038
1,211,472 1,231,394

Current assets
Stocks 264,928 204,702
Debtors 6 1,925,139 2,317,102
Cash at bank and in hand 520,985 483,418
2,711,052 3,005,222
Creditors
Amounts falling due within one year 7 943,199 1,277,512
Net current assets 1,767,853 1,727,710
Total assets less current liabilities 2,979,325 2,959,104

Creditors
Amounts falling due after more than one
year

8

369,347

458,841
Net assets 2,609,978 2,500,263

Capital and reserves
Called up share capital 10 253,750 253,750
Revaluation reserve 11 490,752 490,752
Retained earnings 11 1,865,476 1,755,761
Shareholders' funds 2,609,978 2,500,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Transicon Ltd (Registered number: 02481862)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:





Mrs J Hughes - Director


Transicon Ltd (Registered number: 02481862)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Transicon Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of one years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of six years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at variable rates
Fixtures and fittings - at variable rates
Motor vehicles - at variable rates

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Transicon Ltd (Registered number: 02481862)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred unless development costs are incurred that will offer future economic benefits and which can be consistently measured. Any capitalised development costs will be amortised over the periods that an expected benefit will be obtained. Amortisation will begin once commercial production has started or when the developed product or service comes into use.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 36 ) .

Transicon Ltd (Registered number: 02481862)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£ £ £
Cost
At 1 January 2023
and 31 December 2023 6,000 32,714 38,714
Amortisation
At 1 January 2023 6,000 16,358 22,358
Charge for year - 5,453 5,453
At 31 December 2023 6,000 21,811 27,811
Net book value
At 31 December 2023 - 10,903 10,903
At 31 December 2022 - 16,356 16,356

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost or valuation
At 1 January 2023 970,000 239,322 67,590 261,215 1,538,127
Additions - 6,771 404 54,540 61,715
At 31 December 2023 970,000 246,093 67,994 315,755 1,599,842
Depreciation
At 1 January 2023 - 212,717 60,566 49,806 323,089
Charge for year - 11,255 1,593 63,336 76,184
At 31 December 2023 - 223,972 62,159 113,142 399,273
Net book value
At 31 December 2023 970,000 22,121 5,835 202,613 1,200,569
At 31 December 2022 970,000 26,605 7,024 211,409 1,215,038

Transicon Ltd (Registered number: 02481862)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Valuation in 2015 70,752 - - - 70,752
Valuation in 2022 420,000 - - - 420,000
Cost 479,248 246,093 67,994 315,755 1,109,090
970,000 246,093 67,994 315,755 1,599,842

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£ £
Cost 479,248 479,248

The freehold property was valued on an open market basis on 17 March 2022 by Vail Williams LLP .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost or valuation
At 1 January 2023 139,881
Additions 54,540
At 31 December 2023 194,421
Depreciation
At 1 January 2023 27,214
Charge for year 32,892
At 31 December 2023 60,106
Net book value
At 31 December 2023 134,315
At 31 December 2022 112,667

Transicon Ltd (Registered number: 02481862)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 1,030,935 1,338,439
Provision for bad debts (238,198 ) -
Amounts owed by group undertakings 180,062 180,062
Other debtors 905,708 742,791
Directors' current accounts 19,500 19,500
Prepayments and accrued income 27,132 36,310
1,925,139 2,317,102

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 114,963 131,918
Hire purchase contracts 46,381 32,745
Trade creditors 232,654 174,970
Social security and other taxes 40,074 34,181
VAT 141,525 167,133
Other creditors 275,459 465,764
Directors' current accounts 8,190 7,297
Accruals and deferred income 83,953 263,504
943,199 1,277,512

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans - 2-5 years 299,775 396,292
Hire purchase contracts 69,572 62,549
369,347 458,841

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 414,738 528,210

The loan is secured by way of a fixed charge over the freehold property.

Transicon Ltd (Registered number: 02481862)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
240,000 Ordinary shares 1 240,000 240,000
13,750 Deferred ordinary shares 1 13,750 13,750
253,750 253,750

11. RESERVES
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 January 2023 1,755,761 490,752 2,246,513
Profit for the year 475,502 475,502
Dividends (365,787 ) (365,787 )
At 31 December 2023 1,865,476 490,752 2,356,228

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
Mr. A Peters
Balance outstanding at start of year 9,500 9,500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,500 9,500

Mr. R S Cotsford
Balance outstanding at start of year 10,000 10,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,000 10,000